Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Down 10.3% in August

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 4,100,000 shares, a decrease of 10.3% from the August 15th total of 4,570,000 shares. Based on an average daily volume of 921,000 shares, the days-to-cover ratio is currently 4.5 days.

Institutional Investors Weigh In On Adicet Bio

Hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Adicet Bio in the 1st quarter valued at approximately $28,000. Price T Rowe Associates Inc. MD bought a new position in Adicet Bio in the 1st quarter valued at approximately $37,000. American International Group Inc. raised its holdings in Adicet Bio by 74.2% in the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock valued at $62,000 after buying an additional 11,214 shares during the last quarter. Point72 DIFC Ltd raised its holdings in Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after buying an additional 14,596 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Adicet Bio in the 2nd quarter valued at approximately $43,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ACET shares. Canaccord Genuity Group dropped their price objective on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. HC Wainwright downgraded shares of Adicet Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. StockNews.com downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, September 10th. Finally, Wedbush reiterated an “outperform” rating and set a $5.00 price objective on shares of Adicet Bio in a research note on Tuesday, September 10th.

Adicet Bio Price Performance

Shares of Adicet Bio stock opened at $1.50 on Wednesday. The company has a market capitalization of $123.26 million, a price-to-earnings ratio of -0.51 and a beta of 1.79. Adicet Bio has a 12-month low of $1.05 and a 12-month high of $3.77. The firm’s 50-day moving average price is $1.43 and its two-hundred day moving average price is $1.64.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.03. On average, sell-side analysts expect that Adicet Bio will post -1.35 earnings per share for the current year.

Adicet Bio Company Profile

Adicet Bio, Inc, a clinical stage biotechnology company, discovers and develops allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. The company offers gamma delta T cells engineered with chimeric antigen receptors (CARs) to facilitate durable activity in patients. Its lead product candidate is ADI-001, an allogeneic gamma delta T cell therapy expressing a CAR targeting CD20, which is in Phase I clinical trial for the treatment of autoimmune diseases and relapsed or refractory aggressive B cell non-Hodgkin's lymphoma.